There exists an infrequent, but significant hazard to life and property due to impacting asteroids and comets. There is currently no specific search for long-period comets, smaller near-Earth asteroids, or smaller short-period comets. These objects represent a threat with potentially little or no warning time using conventional ground-based telescopes. These planetary bodies also represent a significant resource for commercial exploitation, long-term sustained space exploration, and scientific research. The Comet/Asteroid Protection System (CAPS) would expand the current detection effort to include long-period comets, as well as small asteroids and short-period comets capable of regional destruction. A space-based detection system, despite being more costly and complex than Earth-based initiatives, is the most promising way of expanding the range of detectable objects, and surveying the entire celestial sky on a regular basis. CAPS is a future spacebased system concept that provides permanent, continuous asteroid and comet monitoring, and rapid, controlled modification of the orbital trajectories of selected bodies. CAPS would provide an orbit modification system capable of diverting kilometer class objects, and modifying the orbits of smaller asteroids for impact defense and resource utilization. This paper provides a summary of CAPS and discusses several key areas and technologies that are being investigated.